Crypto-currency holders and builders around the world are investing to help India combat the growing number of cases, according to data and tweets from multiple sources.
This weekend, Ethereum co-founder Vitalik Buterin donated over $640,000 from Ethereum (ETH) and Maker (MKR) to a cryptocurrency relief fund to fight the coronavirus in India.
Thanks for organizing this event @sandeepnailwal and thanks for reporting @balajis!https://t.co/2PBOQKYuZqhttps://t.co/uOzQ15sZnL
– vitalik.eth (@VitalikButerin) April 24, 2021
According to Ethereum Buterin’s public speech, more than 100 ETGs and 100 MKRs have been deposited in the aptly named Covida Crypto India Relief Fund wallet.
With this move, Buterin is entering a phase where the country’s government, politicians and public figures have failed miserably. He’s one of a growing cohort of cryptocurrency investors who are donating some of their newly acquired wealth to help alleviate the country’s problems.
If the cryptographic steps in
India, with a population of 1.3 billion, is facing one of its worst crises. More than 3 million new cases of the virus have been reported in the past few days alone, bringing the total number of cases to a staggering 14 million, or nearly 10% of the world’s total.
There is a shortage of oxygen bottles, hospital beds and apparently money. In particular, oxygen tanks have become something of a political battle, with members of the ruling party stocking up for themselves (and the people who elected them).
But local players in the crypto industry have noticed and are committed to the cause. Over the weekend, Sandeep Nailwal, co-founder of Delhi-based blockchain company Polygon, said in a spirited tweet that he would be working with Kovid to run and manage a campaign to support the less fortunate in the country.
I will take full responsibility for transparency, use of funds and compliance, he said, given India’s general aversion to cryptocurrencies.
I have several channels we can use to deliver oxygen, food, possibly vaccines and more to those in need.
All expenditure figures will be made public and additional people will be added to the working group.
– Sandeep – Polygon (pre-Matic Network) (@sandeepnailwal) April 24, 2021
The tweet was quickly picked up by Balaji Srinivasan, the former CTO of cryptocurrency exchange Coinbase, who urged his 325,000 followers to join the movement. Please consider joining me and Vitalik Buterin in making a donation to the following addresses….. For every DH I donate another $50 to fight COVID in India, up to $100,000, he tweeted.
If you’re lucky enough to go this year, please do like me and @VitalikButerin and make a donation at the addresses below.
But if you only have Twitter, help us spread the word. For every DH I donate an additional $50 to fight COVID in India, up to $100,000. #cryptovscovid https://t.co/eKlOlccelv
– balajis.com (@balajis) 25. April 2021
Nailwal has since updated the list to include Bitcoin, Dogecoin, Cosmos, Tezos, Solana, Litecoin and others. Relief’s portfolio has nearly $1.7 million in various cryptocurrencies at the time of publication.
Since @VitalikButerin made the first donation of 100 ETH + 100 MKR for COVID efforts in India, @sandeepnailwal collected 1 day later :
1,314,651 Euro in donations
That’s ~280 trades, including
$50k in MATIC.
https://t.co/mJsdPFxxnK https://t.co/EcpQpy2jew pic.twitter.com/w6kTZuvSpB
– DeFi Dad ⟠ defidad.eth (@DeFi_Dad) April 25, 2021
An edge in the cryptocurrency market
Get access to more cryptographic insights and context in every article as a paid Edge member.
Join now for $19 a month Discover all the benefits
Do you like what you see? Subscribe to updates.
Privacy settings,How Search works,sens research foundation